In General, a "Big Ticket Item" Such as a House

question 128

Multiple Choice

In general, a "big ticket item" such as a house or new car will

• A)tend to have a more elastic demand than a lower-priced good.
• B)tend to have an inelastic demand because spending on the item takes up a large share of the average consumer's budget.
• C)tend to have an inelastic demand because it has many substitutes.
• D)tend to have a more inelastic demand the more time that passes.

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Definitions:

Performance Declined

A situation where the level of effectiveness, productivity, or efficiency of an individual or group decreases compared to a previous period.

Working Together

refers to the collaborative effort of two or more individuals aiming to achieve a common goal by pooling their skills and resources.

Increase Information Load

This refers to the process of augmenting the amount and complexity of information that an individual or system must process.

Common Information Effect

The tendency for group members to focus and overemphasize information held in common by all or most group members while undervaluing unique information.